MARKET-DRIVEN MANAGEMENT

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1 MARKET-DRIVEN MANAGEMENT Strategic and Operational Marketing Third Edition jean-jacques Lambin Professor Emeritus, Universite cathouque de Louvain, Louvain-la-Neuve, Belgium Professore Emerito, Universita degli studi di Milano-Bicocca, Italy with Isabelle Schuiling Professor, Louvain School of Management Universite cathouque de Louvain, Louvain-la-Neuve, Belgium macmillan

2 Contents List of Figures xi List of Tables xiv List of Boxes xvii List of Exhibits xix Preface xxi Acknowledgements xxiv About the Authors xxvii PART ONE THE CHANGING ROLE OF MARKETING 1 The Marketing Concept 1.1 The marketing concept defined Steps in implementing strategic marketing More questions about the marketing concept 15 Chapter summary 20 Bibliography 20 The Market Orientation Concept An alternative: the market orientation concept The extended model of market orientation Actors in the global market Three misconceptions in customer orientation The costs of a weak market orientation The changing marketing organization Characteristics of a market-driven organization 40 Chapter summary 43 Appendix 2.1: Market Orientation Questionnaire 44 Bibliography 46 The Impact of Globalization The development of free trade The customization-standardization dilemma 52

3 vi Contents 3.3 Questioning the benefits of globalization Can marketing alleviate poverty in the world? 59 Chapter summary 65 Bibliography 65 4 Emerging Values and Issues The objective of sustainable development New eco-sensitive business models Affirmation of civil society's power The emergence of new values Implications for market-driven management The impact of Internet technology Differential advantages of Internet technology The solution approach and the virtual market 87 Chapter summary 94 Notes 94 Bibliography 95 PART TWO UNDERSTANDING CUSTOMER BEHAVIOUR 5 Customers' Needs Analysis The notion of generic need Motivation of the individual customer Structure of the individual customer's needs Motivation of the B2B customer 116 Chapter summary 120 Bibliography The Customer Purchase Behaviour The different customer roles The purchasing process in B2C markets The purchasing process in B2B markets The product as a bundle of benefits Customer relationship management Customer postpurchase behaviour, The satisfaction-loyalty relationship Post-recession consumers' behaviour 144 Chapter summary 145 Bibliography Measuring Customers'Response Structure of a market information system Marketing research and the scientific method Exploratory research studies Descriptive research studies Causal research studies 171

4 Contents vii Chapter summary 178 Bibliography 179 PART THREE IMPLEMENTING STRATEGIC MARKETING 8 Needs Analysis Through Market Segmentation Steps in the strategic segmentation process Macro-segmentation analysis Development of a macro-segmentation grid Micro-segmentation analysis in B2C markets Micro-segmentation analysis in B2B markets Requirements for effective segmentation Emergence of transnational market segments 209 Chapter summary 210 Bibliography Market Attractiveness Analysis Basic concepts in demand analysis Business opportunity analysis in a virtual market Structure of primary demand for consumer goods The demand for consumer services The demand for industrial goods Growth opportunity analysis in existing markets The PLC model The PLC model as a conceptual framework 242 Chapter summary 244 Bibliography Company Competitiveness Analysis A growing competitive interdependence The notion of competitive advantage Forces driving industry competition Competitive advantage based on market power, Competitive advantage based on cost domination The international competitive advantage 274 Chapter summary 275 Bibliography Market Targeting and Positioning Decisions Reference market coverage strategies The strategic positioning decision Positioning response behaviour The value chain in differentiation analysis Targeting international market segments 291 Chapter summary 295 Bibliography 295

5 viii Contents 12 Formulating a Marketing Strategy Product portfolio analyses The choice of a generic strategy Assessing growth opportunities Choosing a competitive strategy International development strategies 328 Chapter summary 331 Bibliography 332 PART FOUR IMPLEMENTING OPERATIONAL MARKETING 13 New Product Decisions The strategic role of innovations Organization of the new product development process New product idea generation New product idea screening New product concept development Business analysis and marketing programming The customer adoption process Pricing new products Assessing the financial risk 357 Chapter summary 359 Bibliography Brand Management Strategic role of branding The branded product as a bundle of attributes Functions of the brand Key brand management concepts Building a successful brand International branding strategies 382 Chapter summary 389 Bibliography Distribution Channel Decisions The economic role of distribution channels Channel design alternatives Factors affecting the channel structure Vertical marketing systems Market coverage strategies Communication strategies in the channel Distribution cost analysis Impact of Internet on channels'decisions 415 Chapter summary 420 Bibliography 420

6 Contents ix 16 The Battle of the Brands in B2C Markets Major changes in the retailing sector Changes in consumers' retail buying behaviour Differentiation strategies of the retailer Private label development Strategic objectives of distributors Strategic options for manufacturers' brands 429 Chapter summary 432 Bibliography Pricing Decisions The customer's perception of price Cost-based pricing procedures Demand-oriented pricing procedures Competition-oriented pricing procedures Impact of Internet on pricing decisions 461 Chapter summary 466 Bibliography Marketing Communication Decisions The role and nature of marketing communication The communication process Selling or personal communication Sales promotion decisions Public relations decisions 491 Chapter summary 495 Bibliography Advertising Offline and Online Decisions The value of advertising information Alternative advertising objectives The development of an advertising campaign Platforms of advertising communication Forms of advertising communication Media planning, Advertising budget decisions Evolution of Internet spending Benefits of Internet advertising Internet: a customer-dominated medium Online communication objectives Key online communication tools The emergence of social networks and virtual communities 523 Chapter summary. 531 Bibliography 531

7 x Contents PART FIVE IMPLEMENTATION OF MARKET-DRIVEN MANAGEMENT 20 Measuring Marketing Performance The challenge of marketing measurement The Customer Response Cycle Usefulness of marketing models Marketing impact of stock market values 545 Chapter summary 548 Bibliography The Strategic and Operational Marketing Plan Overview of marketing planning Content of a strategic marketing plan Objectives and programmes Selection of the strategic path Design of the marketing programme Vulnerability analysis and contingency planning 576 Chapter summary 581 Bibliography 581 Index 583

Schneps, Leila; Colmez, Coralie. Math on Trial : How Numbers Get Used and Abused in the Courtroom. New York, NY, USA: Basic Books, 2013. p i.

Schneps, Leila; Colmez, Coralie. Math on Trial : How Numbers Get Used and Abused in the Courtroom. New York, NY, USA: Basic Books, 2013. p i. New York, NY, USA: Basic Books, 2013. p i. http://site.ebrary.com/lib/mcgill/doc?id=10665296&ppg=2 New York, NY, USA: Basic Books, 2013. p ii. http://site.ebrary.com/lib/mcgill/doc?id=10665296&ppg=3 New